Q3 land sales soared in China's major cities

Land sales in China's 10 major cities more than doubled in the third quarter compared with the previous quarter, data from real estate service provider Homelink showed on Wednesday.

Local governments in the 10 cities - which include Beijing, Shanghai and Guangzhou - received 135.2 billion yuan ($21.36 billion) from selling land parcels in the third quarter, an increase of 123.8 percent from the second quarter.

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Floor space sold during the same period increased 70.1 percent, according to Homelink.

Meanwhile, the four key cities - Beijing, Shanghai, Guangzhou and Shenzhen - saw their land revenue soaring 355.7 percent to 41.47 billion yuan in the third quarter. The land price premium was at 23.1 percent, reaching a record high after the government took a series of tightening measures in 2011.